Heavy sell-off in the shares of PZ Cussons and Unilever Nigeria Plc today saw the share price of both companies decline substantially at the close of trading activities on the Nigerian Stock Exchange, as investors scaled down their stakes in the FMCG companies.
Data tracked at the close of the market today revealed that the price of PZ Cussons‘ shares declined from N4.6 per share at market open to N4.15 per share at the close of the market, to print a loss of 9.78%.
While the shares of Unilever Nigeria Plc printed a loss of 5.64%, as the share price of the company declined from N13.3 per share at market open today to N12.55 per share at the close of the market.
The impact on the companies’ capitalization
The fall in the share price of PZ Cussons saw the market capitalization of the FMCG company decline from N18.26 billion today at the open of the market, down to N16.48 billion at the close of trading activities, putting the total market value loss at N1.78 billion.
On the flip side, the market capitalization of Unilever Nigeria Plc in reaction to the 5.64% decline in its share price fell from N76.41 billion at market open down to N72.10 billion at the close of trade on the NSE today, placing the total loss at N4.31 billion.
The total market value loss which PZ Cussons and Unilever Nigeria Plc suffered at the end of trading activities today is put at about N6.09 billion.
What you should know
- The Nigerian Bureau of Statistics released the Nigerian Inflation data for the month of March today, the data revealed that Nigeria’s headline inflation rose to 18.17% in the month of March, from 17.33% in the month of February. While the food inflation, a closely watched index spiked to 22.95% in March, from 21.79% in February.
- The NSE All-Share Index and market capitalization depreciated by 0.17% to close lower at 38,571.89 index points and N20.186 trillion respectively.
- While the NSE Consumer goods index, an index that tracks the performance of consumer goods companies like Unilever and PZ Cussons on the Nigerian Stock Exchange, appreciated by 0.12%.